Survey Tests Canadians on Financial Responsibility

According to the results of a survey conducted by the Financial Consumer Agency  of Canada, 96 percent of Canadians do not understand the breadth of their financial responsibilities when it comes to banking. The survey included 2,002 individuals and focused on the three core areas of financial information: banking rights and responsibilities, responsibilities of accounts, and credit reports. The results of the study were alarming and prove that Canadian understanding of how credit cards work has decreased dramatically over the past five years. While some of the results were positive, such as the fact that … Continue reading

“Tsunami” Credit Card Fraud in Montreal

They say that “a life of crime doesn’t pay,” but a certain group of Montreal-based thieves might beg to differ. Recently, a group of criminals has been engaging in an activity called “tsunami fraud,” whereby they overload a group of ATMs, by taking out so much money, in such a short period of time, the fraud alert does not have time to react. The gang works by using pre-skimmed information from ATM machines. About a dozen members of the group use 20 or so forged credit cards on approximately 10 ATMs in the area. The … Continue reading

Credit Card Fraud Becoming Common in Gangs

Fraud investigators in Victoria are noticing a surge in the theft of credit card numbers by organized crime groups. Investigators say that the time, effort, and cost associated with growing and distributing drugs is causing gangs to turn to credit card fraud to make a profit. While small groups or individuals are often the ones executing the thefts, they often have links to much larger organized crime networks, and the stolen money is often used to buy drugs and weapons. Investigators say that criminals see credit card theft as a way to make easy money … Continue reading

Cyber Criminals Set Their Sights on Bigger Targets

Credit cards are now the most common form of payment in the western world (largely due to the increase in use of credit cards online), and as a result, criminals are making the move from pick pocketing and purse snatching to cyber data theft. Cyber criminals use sophisticated hacking techniques to break through the security systems of businesses and financial institutions and steal their clients’ credit card numbers and personal information. Over the past few years, most hackers have targeted small businesses with lax security, where they have a smaller chance of getting caught, but … Continue reading

Dwindling Debit Rewards Cards

According to industry projections, credit card rewards are growing and debit card rewards are gradually fading away due to the Durbin Amendment, which has contributed to a 30 percent decline in the availability of debit card reward programs. The Durbin Amendment is a last minute addition to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Among other things, it has restricted the amount of money that banks receive each time a customer swipes their debit card. In addition to cutting back on rewards, this piece of legislation has forced some banks to … Continue reading